The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-06-16
A SENSATIONAL SCENE AT KER.
SHAH'S OFFICE,
CAUSED by the Appearance OF q Dep
uty Sheriff, Who Was Re-
fused Admittance.
HE FINALLY DURSTED IN TIE
DOOR AND KNOCKED
Two Clerks Down Who Tried to
Fleet Hin and Served q Writ
eff Attachment.

irresistible panic that would sweep
away prices and fortunes at the Fame
moment was only to be averted today
by >. ]. KeTshaw & Co. standing up
and paying ell the enormous demands
that would be made against them.
Last night the firtu was ont # money
with demand for quarter of million
dollers then in the Office that they
could not meet. 1t was therefore a
grateful sound TO the street when
Ksrshsw, at 8o'clock, hurrit d into his
offise and announced that he had
money enough in the bank at that
hour 10 pay all II at he owed and 10
margin his trades down to the market
below 1t. The announcement went
from lip TO lip and from offics
to office. Smiles broke upon
faces that were dull ard
heavy with the excitement, the ia
tigue and the au xiety of night full OF
suspense. Kershsw, when ne made
the announcement, believed that he
was promising just what he could full
fill. Events proved that he could net
fulfill them, however. He had Just
bnrried from the American Exchapg
National Bank, where he had he d
since O'Clock consultation with his
partner. President Irwin, with Will
shire, of Cincinnati, snd where $780,
GOO had been placed TO his credit.
Kershaw felt as if the day was saved,
and 30 did the street.
IMMEDIATELY AFTER THE OPENING
Of the Board of Trade the secretary raped
for 81 eDse. 1t was n difficult thing to OBJ
tain, hut when he finally prevailed he read
the following from Kershaw Co.;
"GENTLENHN-We ara prepared to. pay all
our clearing house differences and to margin
&c. J. KERsHAw 4 co"
A yell Of delight broke out at this, and the
galleries, which were crow ded to suffocation
by ladies, responaed by the waving of hand
kerchiefs;. The few announcements of sew
eral small failures that followed did not
Cleary 4 Co., ]. IL. Yorke & Co. and S. O
Orr. Wheat advanced at once q
cent to rs cents for July. The panic
was oyer ten porarily. AS IL o'clock
that the most dan ger oss N oment Of the day
wa, at hand. The oienrings sheets needed
to be in and the d. f.rences Of the day be-
fore settled Immediately after ii O'Clock
suspensions. This time these were T. L.
Bsloing Co.; Or shy i Co., and Pickering
d Co. Crosby's failure produced asensa-
ton. He has been q rich man in the market
for ten years, and the trade supposed no was
impregnAble. Then at 1l:S0 o'clock came
the ann ear cement of the suspension of NJ.
B. Crafts 4 Co., and NJ. s. Robinson 4 Co.,
the latter presumably substantial house.
The crowd thought the c isis wal passed at
IL o'clock when the clearing sheets were in,
but here was another terrible disappoint
ment. O. j. KershaN ~ co., account at
the American Exchange Bank, am uniting
to $50, goo had been garnished at 10 O'Clock
am. by Rosenfeld x Co. The latter, learn
ing that Wiltshire, OF Cincinnati, was in tho
city, and that he had taken care of Ksrshaw
4 Co., while he had sllo ed them TO go to
the wall, hurried to their lawyer Garnishee
money to Kershaw & Co.'S credit at the
American Exchange Bank was attached.
This occurred while the Board of Trade were
in f,,ncied security. Il was not
had a ta nenaS check for $780, for certif
icates failed to return that there was any
inkling OF trouble. at noon the checks had
not returned and there was CONSERVATION.
II began to leak c ut in tho a?or and July
pended. Tho hands of The clock. pa ssed the
noon hour and Kefshaw's check had not ar
rived. CONTRARY to role, the clearing hour
was exteud ed five minutes. Still no eerti,
fed check, Then the official announcement
was issued that Kershaw IL Co. had failed to
90 through. The pre,ident Of the board d.
Iected that the announce ment be not made
from the gallery, II SIM ly increased the
panic.
After 1t was definitely known that Ker-
shaw 4 Co. had not gone through the clear
ing house. and that treir bank c,ount was
held up, there was les. depression than while
the p t was awaiting the news. The cause of
Kershaw,,s to- ,uble was known and the crowd
felt that Kershaw with 100000 in the bank.
even If garnished, was better creditor
than without that S600,00 which Wiltshire
had brought. Besides, the buying by the big
men WI o had other interests imper led by a
panic, turned the market up. From zoe,
which was the bottom price, July soil up to
nc between IL and O'Clock. During the
noon recess another lightning change
act in this very. singular round occur
Of the iirm Of Ros.nfeid & Co. had stated
that he had thorized HE attorney to attach
or garnish the $500, 600 in question. A mem.
Der of the firm Of kershaw u Co. stated
that the money bad been so lied up. and the
an hour later the staten, mt was made a. the
bank that the story in every BODY g mouth was
not true. About the same time Rnsenfeld 4
Co. denied that they bad garnished ker-
ton is made tia they eject to call il, clique
money, and not KershaW's. The banks
statement may be susceptible to the expla-
nation that il is discovered that the attach
The fact remaios that the money placed
on deposit by the clique prin ipal, about
100000. 10 still tied up by some sort Of q
preceding, and that legal fight for the enoI-
How il will endor what the method en-
ployed to release the fund will be cannot be
stated. The tying up of ii g $500, 900 virtually
tied up the market, and the last hour Of the
long session was uneventtul as TO the
disposed TO wait before making another
move. A few determined arties of large
means stood ready TO render what help they
could by taking wheat offsrs by the people.
When the Wreckage could be clear ed IL was
done, but nothing more was attempted
The O'Clock range of prices showed ma
terial recovery from bottom quotations, and
no change Of consequence occurred during
the sessloh Gns Sna HSy wheat
On the af ernoOn board there was better
feeling. KershaW Co. sent the following
communication:
solvent, aud can pay out in full If the mar
ket gees no lower han it has up 10 noon. We
expect to cxtricate Ourselves and pay In full
tomorrow morning. -
field 4 Co, said today that the firm could
net tell Just yet how it stood. Many of their
trades we're with the other clique houses, so
that their clique actions were both their
ueDIOTB an y oToQlIOThs hO biho ndiu Nuhh II
the clique stood by Kershaw IT would have
to stand by his firm. Wiltshire, its repre-
sentative, was in town, and they were spar
ing ne effort to get him and bring him to
them. They had their attorney on his trail
and intended to hold him and his
colleagues to their promises. They had
furnished his firm money yesterday to
margin down IL cents, bat failed
to respond with the additional 10 called
for although again and again wiring them
that they would 90 80. Their first dispatch
was that they we're raising the money and
would do 80 at once, then that they would
have it in ten miuu .es, then that it was de-
posted, and on the strength Of this encour.
agement they had stood in the gap almost
alone until noon. Having been forced TO
the wall by failure OF support that had been
80 repeatedly and positively promised they
did not propose 10 tamely submit to have
another Arm made secure and themselves
left unprotected, and they would not do so.
The failure of Charles Hentoline, q prom
inent stock broker and a member OF the New
York Exchange, and Tor many years the
Belgian Consul in Chicago, was q surprise
and added 10 the uneRsiness. at is true
that had to suspend." said Mr.. Hentolin.
lhs embarrassment was caused entirely BY